Circor and Portland Utility Avoid SEC Fines for Accounting Issues

TLDR:

• Circor International Inc. and Portland General Electric Co. avoided financial penalties after settling SEC accounting charges.
• The companies cooperated with investigators and worked to fix problems with their accounting systems.

Key Elements in the Article:

Circor International Inc. and Portland General Electric Co. were able to avoid financial penalties from the Securities and Exchange Commission (SEC) after settling accounting charges. The SEC credited both companies for their cooperation with investigators and efforts to resolve issues with their accounting systems. Circor’s internal controls failed to prevent accounting fraud that inflated the company’s income and concealed losses. The SEC’s decision not to impose fines highlights the importance of companies actively addressing and remedying accounting issues.